| Payment Terms |
1. The successful bidder AND the back-up bidder will deposit $10% of the hammer price immediately after the auction with the title company or attorney closing agent to hold in escrow. The high bidder will make a second deposit within 7 days of the auction for a total of 20% in deposit with the title company. The deposit goes towards the purchase price of the property. If the high bidder does not make the required 2nd deposit within 7 days, they will forfeit their deposit(s) and the backup bidder will automatically become the winning bidder. The winning bidder will have ample time to close.
2. The above deposit shall be accompanied by a non-contingent purchase agreement, a sample of which is available to review prior to auction.
3. All information and dimensions were derived from Pinellas County Tax Assessor's office and are believed to be correct but are not guaranteed. Buyers shall rely entirely on their own information, judgement and inspection of the property and the property's records. No implied or expressed warranties shall accompany the sale of the property by the seller or the seller's agent. Current and past market conditions were used to create the CMA Cost Market Analysis which is an estimate of value using a cost per square foot approach. Estimating the value of any property is an art and not a science. Projected market conditions are favorable as the demand for a favorable property continues to be very high in the area.
4. The properties will be sold subject to the owner's confirmation, and we shall have a standard closing in the County in which the property is in. The property is being sold "As Is".
5. Free and clear title shall be given by a standard deed free and clear of any encumbrances and liens. If examination of the title commitment discloses that Seller cannot convey marketable title, then Seller shall have thirty (30) days to correct the title deficiencies. If Seller cannot correct the deficiencies within thirty (30) days, Buyer shall either waive the defects and close or receive a full refund of all deposits made hereunder and the parties shall be released from all obligations.
6. All announcements in the auction take precedence over previously written or verbal statements.
7. The buyer agrees to pay an auction fee (commonly known as a buyer's premium) in the amount of 10% of the hammer price. This buyer's premium shall be paid at closing.
8. Seller shall give buyer possession at closing of the real estate transaction and not at the time the hammer drops at auction.
9. The sale is NOT subject to any inspections. The property is being sold "As Is". Buyers are welcome to do an inspection at any time, before the auction or after the auction, however any inspections will not affect the sale or the terms.
10. Broker participation shall be offered in the amount of 3% of the hammer price. The participating broker must, without exception, register the buyer/bidder with Redland Realty and Auction, LLC. prior to the start of the auction. If a buyer registers to the auction without disclosing that an agent is the procuring cause of the sale then Redland Realty and Auction, LLC will be the entity that in effect was the cause of the sale and no commission will be due to any other participating brokerage company.
11. All bidders must provide POF proof of funds prior to registering as a bidder. Bidding is open to all who are 18 years of age or older and must be well qualified to be able to bid.
12. Closing cost for the closing will be the customary fees in the State of Florida and shall be paid in the customary manner by the buyer and seller. All closing estimates will be provided using as an estimate using the CMA price as a base for the estimate.
Redland Realty and Auction, LLC. is a licensed real estate brokerage and auction company in the State of Florida, CQ1064637 | BK3527357 | AB3960 | AU5230. All licenses can be verified at the Florida Department of Business and Professional Regulation.
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